Published on : Dec 07, 2018
Albany, New York, December 7, 2018: Pressing concerns over workplace safety across oilfields, coupled with need to minimize production expenditure, has significantly necessitated adoption of digital oilfield solutions in recent years. Additionally, evolving awareness ratio amongst users also encourages integration of digital oilfield solutions with conventional platform for optimized production, thus ushering substantial growth in digital oilfield solutions market. In its recently released business intelligence report, Market Research Hub (MRH) spans across recent market advances and their corresponding impact on holistic growth trajectory of digital oilfield solutions market.
Technological Advancement and Strategic Acquisitions Remain Staple Growth Initiators amongst Lead Vendors
To strengthen their footing in a fast expensing digital oilfield solutions market, vendors are habitually relying on business alliances with technological behemoths, to accelerate end-user portfolio expansion besides leveraging technological advancement, aligning with industry demands. Additionally, to neutralize competition from new market aspirants, market veterans are increasingly entering into strategic acquisitions to attain consolidation.
Norway oilfield to Integrate ABB Ability for Enhanced Digital Oilfield Solutions
Furthering its footfall in digital oilfield solutions market, industry veteran ABB has recently affirmed its deal with Johan Castberg oil field development project in Norway. With ABB's ABB Ability digital oilfield solutions, Castber oilfield envisions to significantly enhance control, safety and communication, thus augmenting seamless operations of the oilfield. With this development in place, digital oilfield solutions market is expected to strike novel growth scope besides elevating ABB's position on the growth curve.
In the subsequent sections, this research report on digital oilfield solutions market spans across potential market drivers, trends, and restraints that impact market growth trajectory. Additionally, the report also sheds considerable light on prevailing market segments and factors that instill growth in digital oilfield solutions market. Component, domain, and end-use are identified as core segments in digital oilfield solutions market. Based on component, the market is categorized into hardware, software, and services. Based on hardware, digital oilfield solutions market is stratified into PLC, sensors, IED, communication network, and intelligence controllers amongst others. Software segment is further sub-segregated into SCADA, HMI, MES, and cyber-security solutions. In terms of services, digital oilfield solutions market is classified into automation services, instrumentation services, and security services. The domain segment exhibits automation solutions and instrumentation as chief segments in digital oilfield solutions market. In terms of end-use, the market is diversified into upstream, midstream, and downstream.
MEA Region to Offer Lucrative Avenues in Forthcoming Years
In the following sections, the report also offers a clear perspective on regional diversification, based on which Europe, North America, Latin America, China, Japan, Middle East and Africa, and South East Asia and Pacific are identified as core regions.
Competitive Landscape: Digital Oilfield Solutions Market
In the trailing sections, the report also outlays competitive landscape, based on which the report identifies potential market leads, complete with their recent developments, revenue figures, market contribution, as well as portfolio diversification. Key players benchmarked in digital oilfield solutions market comprise, ABB, Emerson Electric Co., General Electric, Schneider Electric, and Honeywell International, Inc. amongst o host of others.
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